NAC361.122. Valuation of improved land.

     1. If improved land is being put to a use that is:

     (a) Consistent with the zoning of the land or with the general use of land in the surrounding area, the value of the improved land must be established by using comparable sales from a stratum with similar zoning and location in accordance with NAC 361.11795 or 361.118 or, if appropriate, NAC 361.119; or

     (b) Not consistent with the zoning of the land or with the general use of land in the surrounding area, the value of the improved land must be established, in accordance with NAC 361.11795 or 361.118 or, if appropriate, NAC 361.119, by using comparable sales from a stratum that:

          (1) Is most comparable to the improved land;

          (2) Has the same or a similar use; and

          (3) Is affected by the same or similar restrictions.

     2. The area of land to be valued according to the use of the improvements is the area actually covered by each improvement, plus the surrounding area necessary to support the use of the improvement, as determined in accordance with any zoning restrictions and other legally enforceable restrictions on the current use of the land. Any excess or surplus land must be valued as if vacant in accordance with NAC 361.11795 or 361.118 or, if appropriate, NAC 361.119.

     3. As used in this section:

     (a) “Excess land” means land that is not currently needed to serve or support an existing improvement, and which has the potential to be sold separately from any land that is needed to serve or support an existing improvement.

     (b) “Surplus land” means land that is not currently needed to serve or support an existing improvement, but which does not have an independent use separate from an existing improvement and does not have the potential to be sold separately from any land that is needed to serve or support an existing improvement.

     [Tax Comm’n, Property Tax Reg. part No. 2, eff. 5-27-82]—(NAC A by R031-03, 8-4-2004; R166-07, 6-17-2008; R039-10, 8-13-2010, eff. 7-1-2012)